Search Result for : Aadhaar

Dated 15th December, 2017 | Copy of | Finance Notification Sl.136 Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing multiple documents to prove one’s identity;And whereas, the Department of Financial Services (hereinafter referred to as the Department), Ministry of Finance in the Government of India is administering the Varishtha Pension Bima Yojana (VPBY) (hereinafter referred to as the Scheme) as a pension scheme for the senior citizens, implemented through Life Insurance Corporation of India (LIC) (hereinafter referred to as the Implementing Agency). The ...

The Dollar Business Bureau Refuting the claims of any slowdown in the Indian IT sector, Law and IT Minister Ravi Shankar Prasad said on Tuesday that the sector will generate 25-30 lakhs jobs by 2025. “As (the) IT minister of the nation, I completely deny and refute that there is any downturn in the employment in this sector. It is robust, slated for great growth and once digital economy ushers then you can fathom its development,” said Prasad, while sharing the achievements of the Ministry of Electronics and IT in the past three years. The Minister said that the IT companies in India have created 6 lakh jobs in the past three years. “IT firms directly employ around 40 lakh people and about 1.3 crore indirectly. ...

Aamir H Kaki Minister for State for Civil Aviation, Jayant Sinha, on Friday said that under the UDAN scheme, the government is slated to create 100 more airports in the next 2-3 years. “In one year, under UDAN, we have added 31 new airports. Eventually, over the next 2-3 years we can add 100 more airports to the existing 75. So that we have 175-200 airports,” he detailed while speaking at the Confederation of Indian Industry’s (CII) Annual Session 2017. Briefing about UDAN, he said, “We have created a market-friendly innovative scheme that lures the airlines to go to these under-served markets.” “India is the 3rd largest aviation market now. We have 160 million passenger trips a year,” Sinha said. ...

PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...

The Dollar Business Bureau The umbrella organisation for all the retail payment systems in India, National Payments Corporation (NPCI), has set a target to increase three times the number of point of sale (PoS) machines to 5.5 million at merchant outlets in the coming six months from the current number of  2.4 million. “We are aiming to increase the number of PoS machines to 5.5 million by end-September. Apart from the traditional machines, newer kinds will also be introduced," said AP Hota, Managing Director & Chief Executive on Thursday. Under the target, NPCI is aiming to introduce 1 million each of conventional, Aadhaar-based and Bharat QR-based PoS machines, he said. On April 14, the Aadhaar-based PoS machine will be launched, ...

Sairaj Iyer India’s powerful digital ecosystem can be a beacon for the rest of the world, according to Ravi Shanker Prasad, India’s Law Minister, who also holds the portfolio for Communications & Broadcasting. The minister was in Mumbai to speak on the revolutions and innovations achieved in the digital ecosystem at the Gateway House summit. Prasad found that most ministers and bureaucrats were available on social media and governance and issue-resolution was becoming quicker than usual. “India is indeed at the cusp of a digital revolution, and as an IT minister of India, I am observing a great metamorphosis of India. The digital economy in the coming 5-7 years will become a $1 trillion economy, that includes telecom, IT, and ITeS, electronic manufacturing, ...

The Dollar Business Bureau The government has unveiled a path-breaking payment method, routed in the revolutionary Aadhaar Card, a unique identification mechanism that uses biometrics. Soon, the Indian citizen will walk into shops and settle his bills using his Aadhaar number, making wallets or mobile phones redundant for the purpose of making payments.  "We are going to start Aadhaar Pay. People can visit any merchant, share their Aadhaar number and verify themselves using biometrics to pay and receive money," Electronics and IT Minister Ravi Shankar Prasad said.  Not specifying a date for its launch, the Minister said that Aadhaar Pay will soon be implemented. The new payment idea has already roped in 14 banks, and is in the process of enrolling other banks.  Bharat Interface for Money (BHIM), a mobile payments application recently launched by the government to boost digital transactions, is also ...

The Dollar Business Bureau  NITI Aayog CEO Amitabh Kant said on Friday that shortage of cash due to demonetisation of high denomination bank notes will end by middle of January 2017. He said that by that time about Rs.3 trillion worth of black money would be wiped out of the economy, leaving around Rs.12 trillion of cash to finance regular transactions. The disruption was unavoidable as the country aspires to become a $10 trillion economy, Kant said while addressing the 89th Annual General Meeting of FICCI in New Delhi. Kant is the chairman of the high-level committee created by the government for identifying all possible digital payment modes across sectors as it is pushing on with its drive for a cashless economy. He stated that ...